Medbox Assigned Entire Intellectual Property Portfolio from Founder
LOS ANGELES, July 29, 2014 /PRNewswire/ -- Medbox, Inc. (OTCQB: MDBX) (www.medbox.com) (the "Company"), a leading dispensary infrastructure/licensing specialist, patented technology provider, and partner to the cannabis industry, announced today that the company's founder has assigned any and all patents and patent applications, trademarks, and related intellectual property to Medbox, Inc. Previously, Medbox had been the exclusive licensee of these patents and IP.
The portfolio contains the recently approved "seed-to-sale" patent, the herbal dispensing patent that was approved in 2010 by the United States Patent & Trade Office, as well as 6 other pending patent applications relating to Medbox products.
"This announcement is the latest evidence of the market leading platform that Medbox is building across our management team, board of directors, intellectual property portfolio and product suite," stated Dr. Bruce Bedrick, a Medbox director. "Our company's founder, Vincent Mehdizadeh, has been a visionary in the cannabis industry since he first envisioned and patented the Medbox biometrically secured marijuana dispensing technology several years ago. We are thankful for his decision to assign the entire IP portfolio to Medbox."
About Medbox, Inc.
Medbox, Inc. ("MDBX" or the "Company") is the leading dispensary infrastructure and licensing specialist, patented technology provider, and partner to the cannabis industry. Headquartered in Los Angeles, CA, Medbox, through its wholly owned subsidiary, Medicine Dispensing Systems, offers its patented systems, software and consulting services to pharmacies, alternative medicine dispensaries and local governments in the U.S. In addition, through its wholly owned subsidiary, Vaporfection International, Inc. (www.vaporfection.com), the company offers an industry award winning medical vaporizer product. Medbox, through its newly established subsidiaries, is developing the following ancillary services tailored to the alternative medicine industry: merchant services and armored transport for cash deposits, cannabidiol research and development, real estate acquisitions and subsequent lease programs to alternative medicine dispensaries, and alternative medicine dispensary management services.
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward looking statement was made.
For more information on Medbox, please call (800) 762-1452.
SOURCE Medbox, Inc.